On the same week that its historic rival declared bankruptcy, Wal-Mart Stores Inc. (Bentonville, Ark.) is poised to gain the top-most ranking on the Fortune 500 list of companies around the world.
Its current numbers indicate that the 4382-store global retail chain will post revenues of $220 billion in fiscal year 2001, vaulting it past Exxon Mobil Corp. (which had revenues of nearly $213 billion).
Analysts believe it is the first time the list will be headed by a non-manufacturing company. Analysts also believe that the worldwide economic swoon helped Wal-Mart versus the other large companies. “If we were in a booming economy, the other companies would have done better,” said an economic observer. Currently rounding out the top five on the list are General Motors Corp., Ford Motor Co. and General Electric Co.
Among several other ironies in their rivalry is the fact that the first Wal-Mart store opened in Rogers, Ark., in 1962, the same year that the first Kmart store was opened by the S.S. Kresge Co., in Garden City, Mich. Wal-Mart is now larger than Sears, Kmart and J. C. Penney combined. Its global empire includes not only its Wal-Mart discount stores but also its Wal-Mart Supercenters and Sam's Clubs. It is the Number one retailer in Canada and in Mexico.